As soon as described by his personal CEO as “one of many sharpest authorized minds within the nation,” Oracle Chief Authorized Officer Stuart Levey lassoed a giant bonus that drove a 6.5% soar in his fiscal 2024 pay to $13.6 million.
The $1 million bonus was on high of his $950,000 wage and $11.6 million in inventory awards, in response to Oracle’s proxy assertion filed Wednesday with the Securities and Alternate Fee.
Levey outperformed the $750,000 goal bonus alternative set by the board firstly of the yr—incomes 133% of his goal based mostly on “vital contributions to Oracle’s authorized technique and successes throughout fiscal 2024 and his potential future contributions to Oracle’s success.”
Levey’s duties on the Austin, Texas-based database administration software program large embody managing a large-scale multinational authorized crew, juggling partnerships with firms corresponding to Microsoft, and managing rising authorized points involving the combination of AI.
“Mr. Levey performs a crucial function in setting the technique for Oracle’s litigation and regulatory issues and offers management within the areas of compliance and ethics, information safety and privateness, mental property and company governance, amongst different obligations.”
Oracle lately expanded its cooperation with Microsoft to assist Open AI’s ChatGPT. In its fiscal fourth quarter, which ended Could 31, Oracle signed greater than 30 AI gross sales contracts totaling $12.5 billion, CEO Safra Catz stated lately.
The proxy consists of compensation for the 5 highest-paid executives. Levey’s pay topped that of Chief Know-how Officer and Chairman Larry Ellison, Catz and Vice Chairman Jeffrey Henley. Nonetheless, Chief Company Architect Edward Screven beat him handily, receiving a dizzying $20.9 million.
The corporate’s fiscal 2024 revenue was $10.5 billion, a 23% soar from the prior yr. Gross sales have been $52.9 billion, up 6%.
Levey joined Oracle in October 2022, receiving a particular inventory grant of $11.5 million. He had been principal of consulting agency WestExec Advisors. Earlier than that, he was CEO of Diem Associates, a Meta-backed firm that deliberate to launch a crypto forex generally known as Libra. It wound down operations after dealing with stiff opposition from regulators, lawmakers and privateness advocates.
Earlier than that, Levey spent 9 years as chief authorized officer for U.Okay. banking large HSBC Holdings.
Earlier, Levey spent seven years because the U.S. Treasury Division’s undersecretary for terrorism and monetary intelligence, and three years within the Justice Division as affiliate deputy legal professional normal.
Quickly after Oracle’s fiscal yr ended, the corporate put a significant authorized threat behind it, agreeing to pay $115 million to settle class motion litigation within the Northern District of California accusing it of violating state privateness legal guidelines by accumulating am extreme quantity of non-public information after which promoting it to 3rd events.
This month, a federal courtroom in Nevada dominated that Oracle is entitled to just about $60 million in legal professional charges from Rimini Avenue stemming from a long-running copyright infringement battle. Oracle had charged the Nevada firm eliminated copyright notices from Oracle’s software program.
